Once you have developed your business continuity plan, or BCP, it is just as important to test your plan. Testing verifies the effectiveness of your plan, trains plan participants on what to do in a real scenario and identifies areas where the plan needs to be strengthened. Conduct a plan review at least quarterly. Gather your team of key business continuity plan participants--division leaders or department heads--regularly to review the business continuity plan.
Business Case What Are the Differences? How Are They Related?
The business case is organized around an action or decision, to address business case questions like those given above. Those questions contrast with the focus of the business plan, which addresses similar issues about the organization or about the business.
The business plan address questions like these: What will the "business" look like in one year? That is, what will its financial position and business performance look like then? How does the business get to those results?
What sales, margins, and revenues can we expect next year? How many years will it take this startup firm to become profitable? Confusion sometimes arises about the differences between the business case and the business plan and the ways they complement each other.
In brief, a business plan as it appears above is "all about" the "business" or the organization, or a part of the firm. The business case is designed to address questions about a single action or decision. Whereas the business plan asks what the business will look like, the business case asks: What will be the consequences in business terms if we take this or that action?
In contrast to the business plan questions above, the business case addresses issues like these: Business cases are designed to answer questions like these about the consequences of an action or decision: What will be the financial consequences if we choose X or do Y? Are there critical non-financial outcomes can we expect in either case?
What will we need as a capital budget next year if we decide to buy the service vehicles instead of leasing them? Is the investment in new phone technology justified? Is there a positive ROI? Business Case and Business Plan Compared The table below summarizes and contrasts the essential differences between a business case and a business plan.
A single action or single decision and its alternatives. An organization or the entire enterprise. The plan may cover a single product or product line or the whole organization.
Cash flow results and critical non-financial impacts that follow from the action. Business performance of the organization, especially in the main categories of the Income statement. May include projected Pro-forma Income statements or Balance sheets for future years.
Business objectives for the action what the act intends to accomplish. Business objectives for the organization. A cost model and a benefits rationale, designed for the case, and applied to one or more action scenarios.
The business model for the organization showing where and how the company makes money, similar to Income statementas well as expected trends, competitor actions, etc.
Also includes critical non-financial impacts. Business performance in terms such as sales, margins, profits, and business "health" by contributions to important Balance sheet categories In a non-profit or government organization: The scope of the case may include benefits and costs to the population served as well as the organization itself.A well-prepared, attractive written business plan is an essential document in the quest for either debt or equity financing, to provide a benchmark against which to compare actual company performance, and to refine strategies and develop ideas on how the business should be pfmlures.com a practical standpoint, a business plan serves as a road .
Writing your business plan. From Innovation, Science and Economic Development Canada. Although business plans vary in terms of length and scope, all successful business .
Whether you’re planning to open a shop that makes the best coffee around or you want to sell eco-friendly office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its competitors. That’s where your business plan comes in.
It provides investors, lenders and potential partners with an understanding of your company’s structure and its goals.
A business plan emphasizes what will be done, when, where, how and why it will be done. The plan describes the business model, i.e. how a business's products and services create value for customers, the cost structure and the sources of revenue and profit margins.
NFIB is America's leading small business association, promoting and protecting the right of our members to own, operate, and grow their business. Use these tips. 3 Get started with your business plan – pfmlures.com Executive Summary The purpose of executive summary is to summarize the highlights of the bizplan and to.